The United Kingdom and the European Union have finalized an agreement allowing Britain to take part in the bloc's Erasmus+ student exchange scheme. More than 100,000 people are expected to benefit when they become eligible on January 1, 2027, the British government said in a statement on Wednesday. The agreement is currently only for one year, and Britain will contribute 570 million pounds (€655 million, $774 million) towards the scheme's costs in 2027. What is Erasmus? Erasmus is the EU's flagship student exchange scheme that allows people to study and train across much of Europe for up to a year. It started in 1987 with university exchanges, but now also includes school exchanges, work experience, apprenticeships and sport. Those participating aren't charged tuition at their host school or university; instead, they continue to pay the fees of their home institution. It includes all 27 EU member states, plus Norway, Iceland, Liechtenstein, Serbia, Turkey and North Macedonia.…